There’s a mortgage solution that’s just right for you. Use the chart below to compare different types of mortgages at a glance.
| |
Fixed Rate Mortgages |
Jumbo Mortgages |
Adjustable Rate Mortgages (ARMs) |
Government Loans FHA/ VA/ MSHDA |
Construction Loans |
Bridge Loans |
| Best if you are looking for: |
Predictable payments that stay the same for the life of the loan |
A mortgage over $417,000 |
A larger loan amount and flexibility of a lower initial payment |
Special loans made to: first home buyers or those with low or moderate income; eligible veterans (on active duty or reserves) or a widow or widower of a veteran; those seeking refinancing programs for existing ARMs or high-interest rate loans |
A loan to build a new home |
A short-term loan on your current home, allowing you to purchase a new home before your current home is sold |
| Terms |
10, 15, 20, 30 years |
15, 30 years |
5/1, 3/1, 1/1 |
30 years |
5/1 ARM |
Depends on sale of current home |
| Rate Changes |
Never – Fixed Rate |
Never – Fixed Rate |
Fixed for 5, 3 or 1 year, then changes annually |
Never – Fixed Rate |
Fixed for 5 years, then changes annually |
Never – Fixed Rate |
| Points |
0-2 |
0-2 |
0-2 |
0 |
0 |
1 |
| Processing Fees* |
$400 |
$400 |
$400 |
$400 |
$350 Underwriting Fee |
$400 |
| Other |
Apply online |
NA |
Apply online |
Apply online |
NA |
NA |
* Other fees incurred may include: Appraisal fee, Survey, Title Commitment, Recording Fee, Flood Certification, Title Company Closing Fee, Tax Certification, Prepaid Expenses.
All loans and pre-qualifications are subject to credit approval and/or acceptable appraisal. You must carry insurance on the property that secures a loan, and flood insurance may be required. Any taxes or additional conditions imposed by the city, state or county that the subject property is located in will be the borrower’s responsibility. Program terms and conditions are subject to change at any time without notice. First State Bank Mortgage Company, LLC, is an affiliate of First State Bank.
NMLS #488024